really old. and going back to, like, 1977 one of the slide operators -- [laughter] literally shot a guy with for trying to go on without paying the fee. it's not as dangerous as it could possibly be. maria: what a great show, thank you so much. always a pleasure. thank you so much. have is a great day, everybody. we'll see you tomorrow. "varney & company" is up next. stu, take it away. stuart: i can't figure out the liability insurance for that slide. it's got to be an arm and a leg. [laughter] anyway, good morning, maria, and good morning, everyone. the president breaks his vacation again to announce his student loan forgiveness plan. reportedly, borrowers get $10,000 buck -- knocked off total if they make less than $125,000. lots of reaction. the left thinks it's not enough. "the wall street journal" thinks it's inflation mare, and i think it's vote-buying.

the president goes back to the beach this weekend. carolyn maloney is out, the defeated in a landslide by fellow new york city democrat jerrold nadler. maloney hints at sexism. the florida gubernatorial is fixed, charlie crist will face ron desantis in november. here's another interesting result from florida, the liberal school board in sarasota that was voted out, and conservatives were voted in. all right, to the markets. i'm going to start with nat gas today. prices have been rising sharply, threatening a new burst of inflation. believe it or not, america produces less nat gas now than we did in 019. watch out -- 2019. watch out for the cost of heating your home this fall and winter. nat gas up a little this morning. 9 little change for stocks though. the dow cropped 150 tuesday, it's going to be about 16 down

today. very little change for the s&p or nasdaq. interest rates are are holding steady with the yield on the 10-year just at 3.07%. on the show today, the mayor of miami. i think he's running for president. he's going to deny it, of course, but my guess is francis suarez will deliver the keynote at the republican consequence vex -- convention. the mayor is on the show. hurricane expert brian nor cross, the man who saved lives with his warnings 30 years ago about hurricane andrew, fox weather, has a special about that devastating storm. ooh he's on the show too. wednesday, august the 24th, six months since putin brawn -- launched his brute allen invasion of ukraine. "varney & company" about to begin. ♪ ♪

♪ come on and take a free ride, free ride. ♪ come on -- stuart: that is a fitting song. come on, take a free ride. okay. president bind returns to washington today, this morning he's coming back, after a two week vacation. lauren, he's expected to do this student is loan announcement, the handouts are coming today. what do we know? lauren: he's expected to cancel at least $10,000 in debt for bow roars making less than $125,000 a year and extends the pause on payments until january. the left says cancel more, cancel all of it. the right says it's completely unfair to to people who paid their loans or didn't take any out. penn wharton budget model estimates this forgiveness will cost between $300-980 billion over a decade, effectively wiping out the inflation reduction act deficit reduction are. just wiped it out.

and it benefits the top 60% of earners. i haven't met one person who likes this idea. stuart: i don't think we're going to meet anybody who likes this idea. todd piro is with us. i say it's vote buying, and i think you agree with me. >> you're 100% right. you did a great job handling the economic. i'm going to handle perspective. i paid off my loans, i made some sacrifices, i covered my nugget, and i had to, you know, take money out of my savings to do that. but more than that, i look at my dad. my dad made an okay salary, but he scrimped and saved. we gave up things, we gave up vacations, we gave up meals out. my mom doesn't dress in fancy clothes all building toward paying for my education and paying for my brother's education. and you know what? my parents were able to do that. so why did they do that? if i had just taken out a bunch of loans, they could have used that money for their own gratification, their own

enjoyment. because $10,000, stuart, would have made a difference back when i went to school back in the stone age, you know what i mean? stuart: absolutely. >> so it's it's infuriating to them, and it's infuriating to me who watched them make those sacrifices on my behalf. lauren: i have a similar story, and we have our families to thank for that. but what about all those people who went to a vocational school? they're paying for people with graduate degrees to get some debt forgiveness, and i don't think that's fair any way, shape or form. stuart: there's a moral problem too, isn't there? which debt do you not forgive? you've had a rental and mortgage moratorium, all kinds of -- lauren: does that signature mean anything? when you signed you were going to pay back that obligation because going to that school was important to you, doesn't that mean anything anymore? >> you know what the game is, and the game is going to continue with these colleges

charging even more because free isn't free. stuart: that's a very good cause. tuition is going to go up. that's a huge problem here, and this does nothing about it. in fact, it makes it worse. >> 100%. stuart: we'll get back to this, i'm sure. we've got lee hours. let's get to the market, please. futures showing red ink, but not much. s&p is actually dead flat. here he is, he's back. all right, eddie, you're the man in the hot seat today. i've got to tell you with, eddie, if i was one of your clients, i would be worried that i missed a 15% bounce, because you've been telling everybody get out of the market and stay out for a long time. i missed the bounce if i followed your advice. >> you only missed the bounce if you sold at the end of june, so it's all relative in regards to when you started reducing risk. hook, our clients appreciate the fact that we haven't sugar coated this market and where with it was headed. we sent out warning signs in november, and now we're preparing for a global recession. that is where we're heading

right now. europe is in serious trouble, china's no-covid policy is a problem, and here domestically now we have a dollar that is ripping to highs. that's going to be very problematic for these multi-nationals. their going to have to bring earnings rescissions coming down, and now look at nat gases and oil. the fed is going to put cold what water on this narrative that they're going to pivot. they cannot because if they do, inflation's going to get worse. so we are going to head into a recession this winter, and we will have an opportunity to get back in this market. but i think september and october are setting up to be very, very volatile. stuart: yeah, that's' what i wanted to ask you about. last time you were on you said we were expecting a big drop in the month of october which is traditionally the month of big drops. you still looking for an october slide, shall we put it like that? >> yeah. and i think it's going to start more in september. again, if you look at these retail earnings, they're telling you and telegraphing what the consumer's doing and what the

consumer behavior is doing. and, engen, i can't stress enough -- and again, i can't stress the enough this dollar. we know it it normally happens when we get that rip on the 10-year because, again, the fed is going to raise rates more aggressively than what the market's pricing in. and i want to also hit this narrative of people saying, well, the fed's going to cut rates and that's bullish. that's not bullish. the fed only cuts rates when the economy and market is in the tank. so if you think the fed is going to cut rates, basically you're agreeing with me that things are going to get worse before they get better. stuart: i'll tell you one thing, eddie ghabour, you are consistent. you're sticking with it now. pleasure we appreciate that. eddie, come back soon. >> yes, sir. stuart: we have the latest read on durable goods orders. okay, that sounds technical. [laughter] things like washing machines and other appliances. lauren: flat in the month of july. wall street was looking for a gain. orders for capital goods rose,

that's important, that's your proxy for business spending. not as much as the month before, suggesting that businesses are back off. are we concerned about this report? i'm going to say, yes, because it could be a harbinger of what's to come. it's a july report. it showed a slowdown. we got pmi numbers in august that just collapsed yesterday with. maybe the third quarter is going to be more like what eddie ghabour is talking about, really bad. stuart: okay, i'm give you that. i'll give you that. we don't normally give much space and time -- the. lauren: i gave you some analysis. stuart: you did. this is for you too. [laughter] elon musk is heading to court this morning, another hearing in the twitter case. lauren: well, "the new york post" is reporting that he wants geolocation data to end help him better analyze the bots so he can try to scrap his deal to buy the company. look, this is a hard sell, but my point is the stars are aligning for him.

the whistleblower, peter zatko, twitter's former head of security, he just legged deliberate -- alleged delicious undercounts of bots by top brass. musk is hoping those allegations will sway the judge to give him real access to the data that he wants. all right. so if pieter zatko, is he the smoking gun? that's the question. stuart: he's certainly helping musk, i would say, at this point get out of that deal. lauren: twitter was up 7% yesterday. stuart: yes, it was. pooches, please, not going very far this morning. dow's down 10, s&p's up 2. nasdaq up 4. california highway patrol released pauling pelosi's dui, it released the dash cam video. we're going to show you all of it. there's plenty of buzz surrounding the mayor of miami, francis suarez. i think he's presidential

material. here's what i had to say in my take about suarez just a couple of days ago. watch this. when you look around the world at the mayors of america's big cities, it's hard to find presidential material, but francis suarez is an up and comer with a track record of successful city government. i'll guarantee there's a big mile on the mayor's face when we introduce him in a moment. the mayor will join us in just a couple of minutes. many. ♪ honey, i hit the ground, i'd hit the ground running after you ♪ o hire. i need indeed. indeed you do. when you sponsor a job, you immediately get

your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

♪ she gonna make you move to miami ♪ stuart: is title of this song

move to -- yes, it is the. [laughter] lauren: pit bull and enrique iglesias. stuart: that is miami, so it's appropriate. it's 86 degrees right now. weather forecast. ask we're going to tell you about the florida primaries, which were held yesterday with. who are the big winners? lauren: charlie crist beat nikki fried, and now the once republican turned democrat faces a super popular republican governor ron desantis in november. crist called desantis a bully, but three of desantis' school board choices in once-liberal sarasota the won. and this is what he told a i crowd last night. >> we will fight the woke in businesses, we will fight the woke many government agencies, we will fight the woke in our schools. we will never, ever surrender to the woke agenda. florida is the state where woke goes to die.

[laughter] stuart: all right. lauren: and in the senate race, val demings, wow, that's a landslide. she won her democratic primary, so she will face marco rubio fall. stuart: thank you very much, indeed. now look at this, the mayor of miami, francis suarez, joins us now. before we get to your presidential ambitions, your honor, i'm going to ask you about the race in november between charlie crist and ron desantis. how do you see that race playing out, sir? >> first of all, i've never smiled for three minutes consecutively in a commercial break, so i appreciate that. [laughter] look, i think, i think the message is right by the governor. what we like to say in miami, woke is broke or woke will make you broke, so i think that certainly resonates with republicans. i think the issue with florida is there's a very large swath of independents, i think it's close to a third of the voting population is independent. i'm sure the governor will be able to ably navigate that. and as you said, he's someone that's been popular, his policies have been popular, and

he's gotten a lot of recognition for them. i don't anticipate him having any issues, but certainly he needs to contend with some of those dynamics that the former governor, i'm sure, understands as well. stuart: your honor, on monday i talked about you as a possible presidential candidate. smile again and roll tape. >> you did. stuart: suarez is making a national statement, not a narrow policy for cities. last time he was on this program i asked him if he was running for the presidency. he just laughed it off. but francis suarez is an up and come comer with a track record of successful government, and and he says people in socialist states are voting with their feet. given a choice, they head for freedom and prosperity. that is a powerful presidential message. i bet you liked that, didn't you? you have to like that, you do. [laughter] so i don't think you're going to make a run in 2024, but i think you're going to be the keynote speaker at the republican

convention in 2024. and you're laughing again, but i know i'm right. >> well, listen, i think the story that we have to tell of the miami miracle versus the washington nightmare is a very compelling story, right? it's a story of a city that has lowered taxes when we have seen the federal government raise taxes, it's a city which has -- which, obviously, lowers costs for consumers and for everyday people. we just got our flood mitigation rating increased, so our propensity of flood has actually gone down which reduces insurance premiums. and, again, the federal government policies have increased gas prices, school prices, housing prices. you also have a situation where we've had the second most growth in recorded history and we're also ranked the happy and healthiest city in america. we have a track record of success, a model, a blueprint keeping taxes low, keeping people safe, creating high

paying jobs that i do believe is a recipe for success in this country. 85% of americans live in american cities, and 91% of the gdp produced in america comes from american cities. stuart suiter i think you framed the debate which will be, i think, the debate in politics going forward, and that is between small government, low tax and growth versus big government, high tax and just going nowhere. i think you've framed that debate. that's why i would suggest you are a national political figure, not just -- if i may say so -- not just the mayor of miami. what's your next step, sir? >> well, you know, right now i'm enjoying myself. i just got reelected by close to 80% -- stuart: i know. >> and, you know, i think, look, i think the decision of doing something of that magnitude is a major decision with implications for your family, for your city. and i think, you know, it really depends where the country's at. is the country looking to move

on from one generation to the next, is the country looking for someone that has a positive, unifying vision for the future, is the country looking for someone who can increase the gains with hispanics and who understands tomorrow's technology and how to leverage that for more prosperity. i think that's really the question that the country's going to have to ask in the pooch, and that will possibly -- future, and that a will possibly determine my answer. stuart: and that's precisely the peach you're going to make at the 2024 convention. i'm serious about this. your honor, it's great to have you. >> great to be with you, as always. stuart: i want to get back to the raid on mar-a-lago. a judge wants trump's team to spell out why they want a special master to review the case. you used to be a lawyer. what have you got on this? >> this isn't a normal proceeding, so let me explain this. it gets a little confusing. the judge is basically asking for trump's lawyers to refine their argument. she wants them to elaborate on why this particular district

court, the southern district of florida, has the ability to step in here. what a exactly is trump asking for and whether the motion has been properly served on the doj. the judge is also asking trump's team to answer what impact this will have let's call it on the big case, that magistrate judge's review into what portions of the affidavit can be released. this particular one i'm talking about now is in the district court. very procedural, wonky stuff. basically, they're asking for trump's lawyers to cite the legal justification for, ultimately, the action they're asking for. stuart: they want the legal justification for what was a political act, right? thanks, todd. oh, this is for you. >> yes. stuart: speaker pelosi's husband paul pleaded guilty to a dui charge. the california highway patrol released the dash cam video of the incident. roll it, please.

stuart: pelosi did the not receive any additional jail time for his guilty plea. what's going on here? >> for a case that is normally charged as a felony, it's interesting. this guy got two days for time served. two two days for his good conduct and then one day for work release. stuart: but he was in prison? in jail. >> if his name was paul manafort and not paul pelosi in nap napa valley, we'd be talking about a much different jail sentence is and a much more onerous -- for the defendant. stuart: look at futures, please, we're going to open if the markets in six and a half minutes. very mixed picture at the moment. we'll the take you to wall street for the opening bell after this. ♪ money, money, money makes us smile ♪

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with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though. shipgo.com the smart, fast, easy way to travel. stuart: we need a a market watcher. we've got one with. all right, scott, you don't see the fed pivoting, and you say they're going to hike 75 basis

points next month. okay, supposing you're right, no pivot, the big jump in rates. what does the market do? >> well, stuart, i think it's all about what the fed does in 20 the 23. so let's say at powell's speech tomorrow at jackson hole, if he starts talking about rates being higher and more aggressive next year, not this year, i think the market's going to have a problem with that because i think they've laid out a pretty good path this year. we know where they're going to get to, that's fine. i think the market's very accepting of that. it's what's going to happen in 2023. stuart: would you like to make any kind of prediction about rates in 2023? >> we've got a couple of quarter-point hikes penciled in early in the year and hen, basically, the fed on hold. we don't have any rate hikes even though the market's pricing in, i think starting in march, some cuts or in june some cuts, we don't have any cuts penciled in for next year. you know, it's going to take a while to get inflation down, and for full-year 2023 we're looking

at 3.5% headline cpi. so that's, you know, moving in the right direction in a big way, obviously. but we're not, we're not believers that the fed's going to cut next year. stuart: okay. i'm reading between the lines, and i'm looking at the market stocks as investment, and it seems to me as if you're saying don't expect huge gains for the market overall in the next year. is that what you're saying? >> yeah. i think, you know, stuart, if you ask me what's the next 10% move, obviously, we had a great bounce up, there's all kinds of technical resistance from the 200-day moving average, the next 10% move in our mind is down. so we're going to see some volatility here. we've been playing defense for a while, we're going to continue at least for right now. stuart: scott, one last one. i mow you're the global strategist at wells fargo. are american stocks the best place to be at the moment? if you choose stocks, american stocks, yes? >> absolutely, stuart. we have not a lot of interest,

we're underweight in emerging markets, is so we're most underweight developed international markets, so we think it's u.s. over international all the way as we look out over the next 6-18 months. stuart: okay. scott. wren, wells fargo, thanks for joining us. >> thanks, stu. stuart: we're about to open the market on this wednesday morning, august the 24th. the opening bell is ringing, they clap, they cheer, you know the story here, and we are now open for business. it is 9:30. what are we doing? a narrow range probably in the first few minutes of trading. no clear trend that i can see at least. susan li is with me and laughing at me. i say this every morning, so i've got, what is it now, 7 of the dow 30 on the upside. the rest are on the downside, and the dow is down all of 47 points, that's it so far. the s&p 500 down .06%, not much movement. the nasdaq is down .06 -- 04%.

hoabt big tech? modest move -- >> flat. stuart: thank you, susan, you're quite right. [laughter] glad you're with us, because i want to talk about peloton. are they going to sell their products on amazon? susan: so there are individual movers and outperformers, peloton is up 12. this is the first time that peloton is going to sell their bikes and their clothing on another platform outside of their own. so instead of going direct. and this is the basic bike. you get the peloton guide which is the weights division that's going on amazon, and peloton says there are already half a million searches on amazon each and every month for peloton products. as you know, peloton is in some trouble. the stock is down some 70% this year. it used to be worth $50 billion at its peak, now it's worth $3 billion. you do the math there. and as a result, they had to lay off, they're cutting jobs, of course, closing their ohio plant and trying to find $800 million in cost savings somewhere. so maybe they're looking at more

distribution deals on other platforms outside of their own and just going direct. stuart: okay. i would never call peloton's stock a gamble -- gambling chip. susan: why? what's the difference? [laughter] stuart: i've got a question about tesla. is it moving up many advance of tomorrow's stock split? susan: i think so. but i also think there's a twitter play here as well. tomorrow they're splitting 3 for 1. also you have elon musk telling complainers to quiet down, calm down on the glitches and that the self-striving update, $15,000 costing 25 credibility cans more, but give it some time, he said. also reiterating the tesla as market perform today saying they're going to get some boost from that $200 billion climate deal. but i also think that that twitter whistleblower complaint also helps the stock price because, as you know, there's been a $100 overhang or so on

tesla with this uncertainty over the takeover deal given that elon musk while he had to sell more stock, i think last month, just in case. but that overhang has been $100 or so on that stock. stuart: if he doesn't have to shell out all that money for twitter, it stays in tesla, and tesla looks pretty good with the stock split. susan: that that's right. we're sub $40 right now, downgrade from rosenblatt, by the way, way below that $5420 the offer -- 54.20 offer price. that that whistleblower seems to support musk, giving him an advantage in the upcoming court trial. so the question is does he get to walk awaysome does he pay that billion collar break-up fep fee? twitter was hammeredded yesterday because of that whistle blow whistleblower

complaint, so advantage musk here. stuart: i'm interested in nordstrom is. i know they're down today. i'm particularly interested in all the inventory they've got which may -- they might have to sell off -- susan: right. they were one of the outperformers in the retail space. customer traffic and demand, they say, is slowing down significantly. you never want to hear that. that started in late june for them, and that's mostly at nordstrom rack which tells me there is an inflationary concern. of course, we have the lower discount range seeing slowing sales faster, so they're cutting full-year guidance, and that's despite what i thought was a strong spring sales season for them. but inventory hay need to reduce and at least seven price analyst cuts this morning. stuart: what are far fetch? susan: it's a luxury online site. i know you get bored easily -- [laughter] stuart: it's true. that was a nasty slam -- suzan susan that was not nasty, just

truth. after four years, i know this. stuart: is it only four years? susan: yes. [laughter] what, 32 years? stuart: i'm joking. susan: wow. are you trying to say i'm old all of a sudden? where did that come from? far fetch after it bought 47% of a fashion retailer, and it's an all-stock deal, so you're getting 50 million shares here fully of far fetch. we have to take a look at bed bath & beyond, so hurry this up. stuart: who bailed them out? [laughter] susan: we don't know who, but jpmorgan facilitated the loan, looking for a lifeline of $75 million and that's to pad its cash levels, maybe pay down the some debt. we tonight the know who's giving out this loan are, but jp is facilitating it. and i was looking at the stock performance and, yes, bed bath & beyond is down, what is it, 40%

year? stuart: a lot. susan: something like that, but it's up almost 90% in the past month and that's because of ryan cohen despite the pact that he sold out of his 10% stake -- stuart he's not a popular guy, is he? susan: i think he's a very popular guy when you can triple -- stuart: which stock did he sell out of all of a sudden? susan: bed bath & beyond. stuart: and everybody's left holding the bag. susan: i think it's an ined can. >> bl -- incredible influence when you can drive the gamestop mania -- stuart: have you ever met if ryan cohen? susan: i would love to meet him but i have not. i mean, have you? stuart: no. [laughter] susan: do you want to call him together? stuart: i don't know any of them. susan: that's not true. you know a lot of them. stuart: i don't want to know them. i don't think you get much out of a ceo interview, to be

perfectly honest. susan: did you have your coffee this morning? stuart: too much, probably. susan, thank you of very much, indeed. check that big board. we're only down 50 points, that's it. dow winners, top of that list is boeing, back up there. salesforce, intel, united health, procter & gamble -- susan: salesforce reporting earnings tonight as well. stuart: is that after the bell? okay. norwegian cruise lines is back. of. susan: oh, wow. the oil complex, that's so interesting. and did you read yesterday texas could be bigger than -- [inaudible] because of the permian basin investment, incredible. stuart:9 i used to own shares in the permian basin trust. susan: wow. and what happened? siewfort stuart i sold out in the late 1980. [laughter] nasdaq, lumina, zoom, tesla. finish the 10-year treasury yield moving up this morning, 3.08 this morning.

gold, 1756 per ounce. bitcoin, roughly $21,000. 21,3. oil moving up, clash 94 a barres morning. nat gas moving up, 9.28 this morning. the average price for a gallon of gas is down just one cent at 3.88, and you'll find the cheapest gas in america in arkansas -- 3.40. susan: usually mississippi, right? if. stuart: yes, it was, until recently. 3.40. coming up, dr. fauci does not think shutdowns did major damage. roll tape. >> i didn't shut down anything. i don't think it's forever irreparably damaged anyone. stuart: i disagree with him on irreparable damage to school children. but i'll ask dr. marc siegel for his opinion on this a little later in the show. minions: the rise of gru, is that the correct pronunciation?

susan: correct. stuart: that's the latest minions movie, however, viewers noticed a change to the end of the movie. we'll tell you what china added. new home sales plummet to a 6 and a half year low. how much trouble is housing in? economist john lonski will tell us after this. ♪ oh, she's a brick house. ♪ she's mighty, mighty, just letting it all hang out. ♪ she's a brick house ♪

stuart: let's not spend too much time on this because there's virtually no movement in stock prices. dow's down 15, nasdaq is up 6 points. not much movement. but lonski's with us, which is very important. on the screen right now 3.08%, john, that is the yield on the 10-year treasury. you think that spells trouble for the economy. you spell out the trouble.

>> oh, i think it does. look at what's going on with housing. let's not forget that mortgage yields peaked back in june, and since then they drop by about half a percentage point. but did that help housing in any way whatsoever? no. we actually had a drop by mortgage applications for the purchase of a home. the month of july we find that new home sales are down 30% if a year ago, existing home sales are down 20%. the last thing in the world this economy needs is a weaker housing sector, and that's exactly what you're going to get if this 10-year treasury yield tries to go back to its 35 -- 3.5% high of this past june. stuart: do you expect it? >> i don't think it's going to make it, and this tells me that if the fed goes ahead and hikes fed funds by 75 basis points on september 21st, we might find ourselves in a situation where the federal funds rate is above the 10-year treasury yield, and

that is going to be a very strong indication of big trouble to come, strong indication of an impending recession. stuart: okay. so if the fed funds rate which is currently down will, way below 1%, isn't it? >> fed funds right now is about 2 the -- stuart: that's a guaranteed e indicator of nasty trouble -- >> yes, it is. we're many a lot of trouble unless the fed eases very quickly. i don't think they want to do this. may i add one thing? during 2018-2019 when the economy was fundamentally stronger than today, fed funds rose no higher than where it is today, 10-year treasury yield peaked at 3.15%. i can guarantee you because we have a weaker economy, if we bring fed funds up by another 75 basis points, we try to get that

10-year yield above $3.15 -- 3.15%, we're in deep trouble. stuart: we've got all these large retailers saying they've got a huge buildup many inventory. they're going to have to get rid of it, cut prices.. i'm saying that helps or moderates inflation. does it? >> over time the, perhaps not immediately. but looking for a lot of price discounting come this holiday shopping season, no question about that. you're spot on. stuart: doesn't that help inflation? >> it has to. and that's why, perhaps, the fed doesn't have to tighten as aggressively as the market thinks it does. because, you know, the fed is sort of forecasting with a rearview mirror. they're not looking ahead. they don't see, they don't fully understand divide yet -- quite yet how much demand destruction is taking place for the simple that is correct that we've -- fact that we've had prices outrun wages for so long. stuart: i want you to leave us with one message, you think the housing market is in real trouble. >> i think it's in real trouble,

and i think that if the fed presses too hard with monetary tightening, we run the risk of widespread home price deflation which is something we want to avoid after what we learned from 2008-2009. stuart: yes, we do. john lonski, thank you very much, indeed. sharp edge this morning, very good. we like that. >> thank you. stuart: we've got a lot of new homeowners, apparently, they're having buyer's remorse. what's the problem? >> i feel like these two go hand in hand. i'm about to talk about the mortgage nugget really does hurt, doesn't it? a whopping 72% of you have regrets about buying your home if you did so in the last year or this year, 2021, 2022. 30% say they spent too much money. 31% say they paid aboving asking, and the median amount over asking, $65,000. 30% say their decision was with rushed, you know, you've got to get an offer this quickly, you don't have time to think about it. and 36, stuart -- 36% made an

offer on a home without seeing it. that last one i cannot fathom. stuart: there was a rush to buy. it'll go up tomorrow and i'll make some money. >> doesn't always go up forever. stuart: this is very true, solid. glad you learned that that on this show. remember guy, remember corey matthews? this is in the boy meets world. remember this guy when he was nominated for class president? roll it. >> the great state of sean nominates the people's choice, corey matthews. >> no! >> no, he's not going to settle for second class -- >> do you accept? >> no way. >> no way would he turn down a chance to serve his fellow students. stuart: that had me laughing. the actor, ben savage, he's running for city council in west hollywood despite the failure of the gascon recall, savage says he's going after crime. is it possible he's a conservative in hollywoodsome we'll find out. and then there's this, the president may want to cancel

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stuart: the president might want to cancel student loans, but it does not address a big problem, and that is rising cost of tuition. madison alworth's been looking at this, and she joins me now. you know, that's manager that gets to me -- something that gets to me. >> reporter: absolutely. over the past 40 years it's really expanded. i want to show you some of the numbers. the price tag of a private college went from just below $3,000 in 1971 to an average today, $51,690 in 2021. so that's over four times the rate of inflation, right? we should see college moving with inflation, but you don't. it par exceeds that. if you adjust for inflation, the cost for private college today should be closer no -- to

$20,000 a year. as federal aid increases, so does the capacity for colleges to charge more. one study from the federal reserve bank of new york finds the average tuition increase with the expansion of loans is as much as 60 cents per dollar. so if handouts are granted today, we know what happens next. >> for the colleges, hay don't really have a good incentive to lower their prices here because they know that students can simply turn to the student loan system to borrow more money as hay increase their prices. so again, this doesn't really -- loan forgiveness doesn't really address the increase in college prices. >> reporter: so i highlighted private colleges, i also want to show you public colleges. adjusted for inflation, today's cost of a public college education could have been an average of $10,000. enebb stead, that average sits above $20,000. so nothing has been announced

yet. we should be getting a decision this afternoon on whether or not the cost of college is going to increase, because that's what happens when you see is handouts and expansions like this. stuart: it's an excuse to raise tuition prices. i'm coming ott point where i don't think college is really worth it. >> i've got two kids under 2, i saw that, i almost threw up in my mouth. how can i afford that? what's it going to be in 18, 20 years? stuart: a lot more. >> thanks, stuart. appreciate that. stuart: check the markets, still very little price change at point. all right, i've got to say, old, thank you very much for being with us for the hour. you work hard, you really do. >> the commercial breaks were the highlight of my year. [laughter] the boy meets world discussion we had, who is topanga? stuart: it's one of the girlfriends, right? susan: yes. she had very long, blondish hair. stuart: i've never seen that

show. >> we're getting together this weekend, stuart, boy meets worl- stuart: have you ever seen i love lucy? >> i have. late night reruns. stuart: still ahead, liz peek, martha maccallum and bill hemmer. >> what's happening? stuart: that's next. ♪ ♪

♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ..

stuart: middle. dj snake, bipolar. what am i missing? lauren: if it is new i am old right now. i like this. she probably knows this. you know this song? all right, everybody, good morning, 10:00 eastern, straight to the money. what we are looking at is very little price change, 23 up on the nasdaq, 10 year treasury

yield coming in at 3.09% and rising. that won't help big tech. price of oil $94 a barrel up slightly, bitcoin $21,400 a coin. just after 10:00 the latest read on pending home sales. lauren: year-over-year down 19.9%. this follows the new home sales report we got yesterday. we can't sound -- we saw tons of supply, if the price goes up as sales go down it doesn't make sense. there is a feeling we are in a housing recession. stuart: it looks like it, whether the word recession is accurate when it comes to real estate prices. now this. you could see this coming on mile off, another energy crisis this time on natural gas. we use it to heat our homes,

generating electricity. there's a shortage, prices are climbing and we will have an expensive winter. several factors at play, putin cutting natural gas supplies to europe, bad news they need gas to produce more electricity because they need to cope with an exceptionally hot summer. already the natural gas price is 5, 6, 7 times what it is here, electricity so expensive in europe some factories close because they can't afford the juice. in america we are producing less natural gas now than we did in 2019, how did that happen when it was america that invented the fracking industry, some of it has to go to candidate biden's green dreams and he did cancel natural gas pipelines, the price increases have been extraordinary, up 60% in july and still rising, that spells more inflation. as we see the price of gasoline

moderate the price of natural gas goes up and here comes fall and winter when tens of millions of families heat their he their homes with newly expensive natural gas can if you think the climate spending is going to help think again. you have a nasty surprise coming in your utility bill, there seems no end to the price we pay for misguided climate policies. second our of varney just getting started. ♪ stuart: liz peak is with me this morning, natural gas issue gives putin enormous leverage in europe and here too. >> the compounding of policy errors is almost breathtaking, western europe made a huge mistake by coming dependent on natural gas and oil from

russia. and unsteady supplier if ever there was one who use natural gas as a political weapon against ukraine but let's talk about natural gas here at home. we have an unlimited supply, hundred year supply of natural gas in this country, what we don't have is the will to produce it. let's remember a few months ago president biden promised to double our exports to europe because our allies need natural gas. what about the us consumer. did biden have any accommodation for how we were going to increase supplies at a time when inventories were already low and prices were already increasing to offset that increase of exports. we have become the exporter, number one in the world, that is a very good thing and we have supplies to back it up but not if we don't put leasees up for oil drilling from anchorage up for lease and make

available, and natural gas is so much cleaner a fuel than oil and coal which is some states are relying on in the united states and europe because natural gas isn't available. think about new york where they blocked a pipeline so we don't have natural gas and europe, so stupid. stuart: good word and i will use it myself one day. i've seen your op-ed. democrat spin biden's success, wish upon a star for midterm magic but don't you believe it. you don't think the anti-inflation, inflation reduction act doesn't help in november? >> that is his big accomplishment and it is a lie as we discussed before, it's not an inflation reduction act and anyone hoping to see prices come down because of it will be sorely disappointed but let's talk this tiny bounce biden has

gotten which has democrats cheering except wait a minute, the top 60 democrats running for office, not one of them wants biden campaigning with them. what does that say about the popularity of the president? his brand is toxic, americans don't believe them, don't believe the claims he's making for this bill or any of the other policies they are pushing through and now they are going to compound all these issues and problems and mistakes by presumably passing some sort of student loan relief legislation, forgiving student loans which is regressive meaning it aids high income americans more than low income americans, adds to inflation, some estimates are as much as $300 billion more because of this. what are they thinking? americans are now i believe opposed to big spending democrat programs and this will

not help come november. stuart: we can tell you are not a big fan of this administration and never have been. >> the left and right don't know what they are doing, it is discouraging. stuart: an interesting word. not as good as stupid but interesting. thank you very much for joining us, see you soon. still on politics congressman liz cheney could launch a presidential run in 2024. what happens if she runs as an independent? >> trump wins. isn't that ironic, that's what she's trying to prevent and one of the reasons she will run. she would take voters away from biden and if she runs she would get 11% whereas biden's support would go from 46% to 32% and trump goes down a bit to 40% so in that scenario if she runs, trump wins the presidential. stuart: that is what she's trying to stop.

we have dealt a lot with that in the last 5 minutes. still not much price movement, the nasdaq up 11 points, dow is down 30, the s&p dead flat. michael lee is here. michael lee is not only here but sitting next to me in new york, we've not met before. >> not in person. stuart: watch out because you are with me today. if the fed softens does the market rally? >> massively. stuart: will the fed soften? >> the bond market is saying no. what you see with fed fund futures is instead of stopping at 3.5% and intentionally putting in the first quarter or second quarter, the bond market says 3.5 to 375 and not until the end of 23 to the beginning of 24, that is why we had a selloff the last week. stuart: wyatt with that due to

stocks? >> it has been priced in. 3% or 4% we've seen the last week. stuart: we got the rally. where to from here? >> if the fed reverses course and a pivot as economic data falls apart you could see the market get 4400 on the s&p 500. stuart: up a little bit from where it is. here's my question and i've asked you this before. what is wrong with me buying a 2 year treasury security that would yield me 3. 3% and if i hold to maturity for two years i get my 3.3% both years, don't lose any capital and i get a tax break? what's wrong with that? >> nothing wrong with that with cash on the sidelines and you might be able to buy 3. 75. stuart: that is the only problem? there's the 2-year treasury, 336, that's not bad.

>> 5% inflation adjusted on the sidelines, not a bad trade. stuart: i am staying with my big name stocks, blackstone and microsoft and any fresh money goes into two your bonds or something like that where i get a 3% yield, where my going wrong? >> you are not. stuart: thanks for being here. thank you. lauren is looking at the movers and -- lauren: they own chilly's and margie otto's --maginao. they fell 6% and that shows you, with everything else, it happened -- 3% or 4%. stuart: it changes fast. more changes at discovery.

they messed around with cnn and now they are doing what? >> they are cutting six animation projects including batman and batgirl. livestock up on that? they are trimming their programming. it is cost cutting and investors like that. stuart: very expensive things to produce, get rid of them and profits go up. you have la-z-boy, why is up 6%? >> don't know. i thought people fixed up their homes during the pandemic and housing market was slowing, they were able to shorten lead time so you order something and get it in the same time you would in 2019. same-store sales. stuart: 25%? la-z-boy at 30. lauren: not working and sitting on our comfortable armchairs. stuart: might be a good product. russia carried out new strikes in ukraine six months since

putin launched its brutal indication. jack keane will deal with the ongoing stalemate. the irs may increase security around it to buildings, irs agents here they could be targeted and blaming republicans. a full report coming up. corruption, coverups, retaliation, washington times reporter carrie pickens exposes what whistleblowers are calling out-of-control culture at the fbi. she is next. ♪ h i paid, it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates, and borrow up to $100k. sofi. get your money right. if you shop at walmart, you know that with thousands of new rollbacks,

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millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network and most recommended wireless carrier. that's a whole lot of happy campers out there. and it's never too late to join them. get $450 off any new purchase of an eligible samsung device with xfinity mobile. or add a line to your plan today at xfinitymobile.com pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network.

they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! now you really can do better! switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line. stuart: markets are not moving

much. dow is down 9, nasdaq up 25. let's look at macy's, that stock is down 3 and one 12:45%, down 29%. like several retailers. an update on the red of mar-a-lago. donald trump wants a special master to look at the documents, how is the judge responding to that? lauren: the trump appointed judge wants to know why trump's legal team shows her court to appoint the special master and wants his attorneys to refine their argument and explain what the impact on the big case which the magistrate does, how many documents were classified that made it to mar-a-lago. 100 document, 700 pages. stuart: was that a leak? lauren: probably. it has all been leaked to. the story behind the raid is

important, the national archives wrote trump's legal team, they raise concerns about that top-secret information, trump responded executive privilege here, national archives punted to the white house, the white house punted back to the national archives which pushed them to bring in the fbi. pence earlier this month the raid. so a lot of information but many moving parts to this. stuart: so trump still hasn't found out why they raided his home and the government is not going to tell, basically that is where we are and the courts need to figure out how much could he get to know. lauren: noon tomorrow is the deadline for them to reduce a redacted affidavit. stuart: i just can't wait. at the end, more black lines. blue when changing the subject. look at this headline, washington times,

whistleblowers describe out-of-control culture of corruption it fbi field offices, carrie pickett wrote that and joins me now. what did these whistleblowers tell you? >> this is a very interesting story. we already know about jim jordan's 14 whistleblowers that came out of the fbi, this is a new bunch of whistleblowers at least a handful coming out of the fbi, some present, some former coming out of the miami field office, buffalo field office, newark field office, some are saying for example in the buffalo office that they are inflating their terrorism cases by saying they open up terrorism cases that don't have any merit so they can basically say things like we need to pump

our case numbers up. so then -- stuart: any of the whistleblowing related to the raid at mar-a-lago? >> not as of now. however, ever since this news came out it appears there are a number of fbi agents coming forward to this particular former fbi whistleblower who is an attorney representing many of them so basically stuart, this, what we are seeing over the years is corruption in the management level over the fbi. this is pretty much a big problem at the bureau. it has been going on, because honestly, the problem is many people in the fbi don't have a

real process to whistleblower at the fbi because honestly, because honestly anytime they try to whistleblower even under the whistleblower act, the fbi ends up retaliating against them and they litigate them into bankruptcy because they don't have -- stuart: keep pushing this. we would like to find out more about what the fbi did and why they did it. you keep pushing and we will get somewhere. thanks for joining us. now let's move to the irs facing scrutiny. they got an additional $80 billion in funding. are they being targeted? who was targeting them and why? >> they are being targeted and we ask for information about that and have not heard back

from them. the irs commissioner ordered security review of the agency's 600 facilities, something that hasn't been done in 30 years. in a message to employees the commissioner is saying this, there has been an abundance of misinformation and social media posting some of them with threats directed at the irs and its employees. we are aware of these concerning missions -- messages, your safety is and will continue to be my top priority. we asked the irs for info and we did not get anything back and this coming as republicans rally criticize expansion of the irs, 87,000 new agents, doubling of the budget, the cbo says this will result in a $20 billion in new tax collections mainly for low and middle income americans and there's a decrying of what republicans are saying, the washington post had this story

first, they talked about kevin mccarthy, houseman or leader describing weapons available to irs agents, 4600 guns, 5 million rounds of ammunition, said that on the floor of the house, asking whether the irs can be fair. governor desantis saying americans would be crushed by the investigations that might go on by the irs. the risk assessments the irs commissioner is calling for will evaluate more security patrols outside buildings and the first such review since 1995, the:00 a federal building, the killed hundreds of people, one hundred 68 people. stuart: thanks, interesting stuff indeed. here is another story. the summer travel nightmare continues. 19,000 flights have been delayed since sunday. 3000 canceled. it is ongoing. homeowners in towns that were blooming during the pandemic are forced to cut asking prices

because of dwindling demand. we will deal with that next. ♪

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stuart: very little change in stock prices that we've turned positive for the dow, s&p and nasdaq. some green, not much. looking at the mover's. advance auto parts is moving, down 8% or 9%. lauren: downward revision to guidance after they reported quarterly earnings, high inflation, a big jump in fuel prices, they are down but up from years past. they will pressure their do it yourself segment in the past half of the year. stuart: petco, don't tell me they are in trouble with all people who bought pets during the pandemic. lauren: they reported earnings, mist, cut their outlook. not a good sign but ceo never says why cut their outlook?

the pet market is resilient in a downturn, that's not the case from petco. cruise lines. stuart: royal caribbean. lauren: the latest to loosen restrictions with covid. starting after labor day, if you take a cruise from a port in the united states, simple as that. if you are not inoculated, showa negative test and you have three days to do that. stuart: pretty much close to back to normal. lauren: i have no problems with that. stuart: look at toll brothers, the largest luxury homebuilders in the united states. they reported a plunge in orders for their last quarter. nevertheless they do say purchase contracts fell 60% from a year earlier. they expect 10,000 homes for

the full fiscal year. but the stock back up again. the stock is up even though they are reporting slow business. lauren: homebuilders are up, total is up 2. 7% but if you look at dr horton that is higher by the same, lennar, they are all higher because we got the crummy pending sales report on top of the equally crummy new home sales report. stuart: you covered that one, down 1% from last month and down to the lowest level since april of 2020. fortunately, darrell fairweather is with us, the chief economist of redchin. the market is slowing down, prices are softening. i don't see any bidding wars. are we in a housing market recession or are we just going into one? >> recession is hyperbole. the housing market always goes in cycles where it will be hot

and then down, the market was so hot earlier this year that it has to cool down. so it is a good thing for the housing market with higher mortgage rates. it would have been worrisome. stuart: asking prices for homes are plunging in towns, does that surprise you? >> what goes up must come down. some towns like boise, idaho where people were fighting tooth and nail, bidding hundreds of thousands over asking prices and that made sellers feel they could get any number out there and with higher mortgage rates they can't stretch anymore and they already have, prices have to come down.

stuart: not seeing bidding wars any longer. are you? >> majority of offers, that's a real change from earlier this year. stuart: what would you say is the strongest real estate market in the country? >> don't know if strong is the right word but steady is the midwest, chicago, they never experienced a boom during the pandemic. a lot of migration than so a slow rise, looks pretty stable throughout housing cycles. places like phoenix, texas, florida, they experience high highs and low lows. stuart: three or four months ago the average length of time a homestay on the market was probably a matter of days. >> part of that has to do with technology. in the first week or two, they

are overpriced, they are willing to strike their price. stuart: that is technology speeds up the real estate market and not just the process of buying because you don't have to go from one house to another and look. i go to the computer and see most things. >> to do things online whether it is their office work or buying a home and with remote work across the country maybe they don't fly all the way to florida from california and make an offer. stuart: okay. it is not a housing recession at this point. that would be a little hyperbole as you say. thanks for joining us, appreciate it. we have a vacation town in

colorado getting clobbered by higher housing prices. what is it? holiday place? lauren: steamboat springs, enjoy the hot springs. a lot of people come in, and they rent them out, short-term rentals. if you live there and contribute to the local economy where are you going to live? it is so expensive, they can't afford to live there so what do you do, and they had the same problem. this is what they did. they are banning new short-term rentals and taxing others at 9%. sedona, arizona offering airbnb hosts $10,000 if they rent their home to a local who works there. these are creative ways to say there is a housing crisis. we want to us, love the money you contribute but need to make

sure housing is affordable for people who live here and work in the economy. stuart: people can't afford to live in the men's work in them. lauren: when gas prices went up you used to drive 45 minutes, you don't make a lot of money, it got costly. stuart: i am looking at left. the latest company to shrink their real estate footage. stuart: they are starting to sub lease market space because in march they said point blank to 3,000 office employees these aren't the drivers. you can work at home as long as you want. this is common sense. stuart: you don't have to pay for never. and stock is up. listen to this one. megan markel takes another swipe at the royal family. role it. >> i don't remember feeling the

negative connotations behind the word ambitious until i started dating my now husband. we one nigel farage, i want to know how the brits feel about megan and harry now. a new development in the fight between musk and twitter. kelly o'grady has the report after this. ♪ ♪

stuart: still not much price change but the dowser base, the s&p up 6, nasdaq up 43. look at the streamers. millennial's fed up with sky high inflation reportedly canceling netflix subscriptions and instead watching reruns of

classics like mash for free and using digital antennas. last year 8 million of these antennas were sold and it is estimated 50 million will be using them by 2025. lauren: that's a great idea but i am interested. >> not just élan who is interested in how twitter calculates what is at the center of this trial. they sent a letter this summer to the ceo of twitter requesting that information and clarification on how and why twitter restated its numbers in the quarterly filing in april

and something musk was focusing on in the suit with it happening days after the acquisition. twitter responded to the sec they are less than 5% and what is interesting this is coming at the whistleblower at locations in the last 24 hours and we are getting word the whistleblower and his team may be meeting with capitol hill this week. i want to bring up this tweet from senator dick durbin because it shows bipartisan support and how frustrated washington is the, quote, if these claims are accurate they may show dangerous data, privacy and security risks for twitter users, lawmakers are calling on the doj and the sec to take action especially given allegations the twitter violated a 2011 settlement and it leads to the push on capitol hill to appear hard and the house energy and commerce

committee issuing a statement that reaffirms the need for sweeping consumer privacy legislation. twitter fighting against security concerns saying the allegations and opportunistic timing appear designed to capture attention and inflict harm on twitter, customers and shareholders. his legal representation argues the seriousness of these claims are forcing him to act against twitter. >> he is now coming forward reluctantly because of a commitment to jack dorsey to the board of directors and himself it he would get to the bottom of these issues, january '62 national security issues including foreign intelligence agents employed by the company. >> reporter: in addition to the impact on capitol hill i want to go to the piece on elon musk, these whistleblower allegations may serve him, today his team will use those allegations to petition the

chancery court judge to gain access to more information regarding spam accounts and lawyers are telling me it isn't a smoking gun yet but if there is evidence on security claims it could be grounds for what the merger agreement defines as an adverse affect, the company loses part of its value. a lot of its acquisition has been about public perception and growing opposition on capitol hill and breaking news that the fec does nothing to bolster twitter's position. stuart: thank you very much. tesla is being sued by a civil rights regulator in california. on what grounds? lauren: speaking of public perception this is for rachel does, nation, racial termination in the workplace specifically on the factory floor at tesla's manufacturing plant. the allegations, they are trying to dismiss the case, the allegations are ambiguous and a parliamentary ruling, they are pretty specific so tesla is trying to get that judge to

overturn and toss the case and doesn't seem like that will happen so elon musk has a lot of legal issues to deal with. this could be an expensive settlement. stuart: we are going to move on to the meme stocks. game stop is down, amc is down, bed, bath, and beyond as financing, up 12%. peloton is surging, up 17%, they will be selling their product on amazon. the golden touch. lauren: it is true, very easy when you are a prime member to click on that. stuart: congressman jerry nadler beats carolyn maloney in the new york primary, she is blaming misogyny for the end of her decade-long tenure. bill hemmer deals with the biggest winners and losers in the next hour. doctor fauci insists stepping

down has nothing to do with republican plans to investigate his handling of the pandemic. watch this. >> i have nothing to hide and i can defend everything i have done in every decision i have made so i'm not afraid of that at all. stuart: what about the children damaged by the pandemic lockdowns? does doctor fauci take no response ability for that. doctor marc siegel joins me. ♪ hi, i'm debra. i'm from colorado. i've been married to my high school sweetheart for 35 years. i'm a mother of four-- always busy. i was starting to feel a little foggy. just didn't feel like things were as sharp as i knew they once were. i heard about prevagen and then i started taking it about two years now. started noticing things a little sharper, a little clearer. i feel like it's kept me on my game. i'm able to remember things.

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>> i didn't shut down anything on the record will show that we didn't recommend shutting everything down. we wanted to pause. neil: easy to be a monday morning quarterback, that it went too far, particularly for kids who couldn't go to school except remotely, forever damaged. >> don't think it is forever irreparably damaged anyone. i was one of the people who said we've got to do everything we can to get the children back in school.

stuart: that was doctor fauci with neil cavuto. he claimed no one was permanently damaged. i want to bring in doctor marc siegel, i think young children were badly damaged from the lockdown. what say you? >> yes i do but i want to tell you lockdowns did not work from a virus point of view because they are based on flew from 1918 and this virus spread so rapidly especially in poor communities where people went home and huddled together anyway. not sure increased viral spread and it was supposed to be temporary and you had the most important concern which is schools and let me tell you the world bank looked at this in may and 1.6 billion children were affected and a lot of them lost one third of their learning for the year of 2020 and again in 2021 so when vaccines came out they started

to rollback and reopen schools that have hybrid learning but no way to know what the damage is. when you take a child in a learning period and close the school they have problems for years. stuart: what about people with substance abuse problems, that was magnified during the lockdowns throughout the pandemic, that is permanent damage, isn't it? >> social isolation rekindled alcoholism, and mental health issues and mental health providers to get in there and to get in there for drug overdoses, all we did going in there were the drug cartels sending fentanyl laced product leading to overdoses so that scenario persists in this day so there were dramatic, continued affect of the lockdown. doctor fauci is right, he doesn't bear all the response. for that but he set a climate of lockdown where that was on the table and was overused without considering consequences. stuart: more than 15,000

confirmed cases of monkey talks in the united states and in france i understand a dog was just diagnosed with it. to that i say so what? is it particularly worrying if a dog can get it? >> no, because it started with monkeys in 1958. it is just a reminder that public health involves more than just humans and we have to monitor in the animal population but the chances are it is not going to become a big reservoir that would monitor people. we've got to deal with fear and hysteria. when you hear about that dog i want to say to that dog since i speak french guy how are you doing? i don't think all the dogs in france are going to be affected or it is going to spread here, more concerned about follow it in people. stuart: the last one, i think that the pandemic is over. i'm not a doctor but i think it

is over and we have had enough of it, we are shrugging our shoulders every new outbreak, every new case and just want to move on. you with me? >> i am almost with you. it can still make people pretty sick. we should approach it that way because we have the tools, we have antivirals that work and a new vaccine that is going to work better, we have to go on with our lives, we will not only destroy the country's like you but destroy the economy again and we will have a different conversation about this. we have to look at this as a place to go forward. pandemic behind us, infectious disease we have to keep an eye on. stuart: let's go forward please. always good. the administration thinking of further steps, getting access to baby formula.

>> extended current waivers, they get formula from different imported formula from different suppliers through the end of the year. i can't believe we've been talking about this since february and plants that were shut down in michigan, it is running but it is not at full capacity. they are still struggling to get enough formula on the shelves. half of all formula is sold so they extend the waivers so those families find ways to feed their babies. stuart: a way around the problem. they've not fixed the basics. >> since february. stuart: the dow is 37 points come in nasdaq 46. not that much price movement thus far on wall street but never know how we are going to close. still had martha mccallum, 4-star general jack keane, bill hemmer and nigel farage. president biden will announce a

student loan handout program. my heart goes out to those youngsters who are financially struggling but another give away? i don't think that is the answer. that is my opinion, "my take". ♪

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>> the story we have to tell about the miami miracle versus the washington nightmare is a compelling story, we have a track record of success. the blueprint of tt -- keeping taxes low and keeping people safe. >> and unlimited supply, 100 year supply of natural gas in this country. what we don't have is the will to produce it. >> in a global recession that is where we are heading right now. the fed is going to put water on this narrative that they are going to pivot. they cannot pivot -- >> last thing this economy needs is a weaker housing

sector, this 10 year treasury yield goes back to its 3% high of this past june. ♪ stuart: what is this? sounds frenetic in. if that camera widened out a bit more you would get an ugly brown building back in the shot. that is a beautiful empire state building. the name of the band? >> this is maybe 5 years old. >> i have no idea how old it is. stuart: metro station. >> actually playing it though. stuart: 11:00 eastern time, wednesday, august 24th, check those markets please. some green but not a lot of it. dow is up 40, nasdaq up almost 60. big tech, have they recovered? they opened mostly lower this morning, now nicely higher, not

significant gains except meta which is up 1.3%. that is the yield on the 10 year treasury and it is all the way up to 3.12%. i am surprised big tech is doing so well but we will get into it. now this. a week ago the president returned to washington to sign the inflation reduction act. today he comes back to announce a student loan forgiveness program. he will be in delaware this weekend. the plan reportedly forgives $10,000 of college debt for those making under $125,000 a year and the moratorium on loan payments will be extended a couple months. this is not going down well. the left is disappointed. they want more relief night mere $10,000, the naacp disappointed. their statement says this is not how you treat black voters to give 90% support to

democrats. the wall street journal says debt relief is inflationary, $10,000 worth of forgiveness costs $300 billion this year. people who paid off their loans are not happy. where is there relief? my heart goes out to those youngsters who are financially struggling but another giveaway is not the answer. it is a $300 billion relief program conveniently granted right before an election. otherwise known as vote buying. third hour of varney starts right now. martha mccallum onset. there you are. martha mccallum is with us. let's get straight at it. vote buying? >> a vote buying attempt. it is a ton of pressure.

progressives have been asking get him to cut student loan, be more forgiving, they've given $132 billion to this effort already and student loans have been on a complete pause through the pandemic so you will turn to people and say time to pay your student loan back. there is also 11 million jobs open out there. a program where you can get some forgiveness, and the new job you get you can make a deal with the government but that's not what it is about. it is about checking a box and you check the box, the naacp not happy with the amount of money this involved and the other thing is they are always pushing, couple interviews with economic folks from the white house, jared bernstein and jean sperling and they are pushing this deficit reduction that happened, this overshadows that completely.

this program is more expensive than they have saved in deficit reduction so that will be my next question. how is that working? stuart: just yesterday. you stole him away. here is something that did shock me, former new york city are mayor bill deblasio is going to harvard, he' s going to be a teaching fellow of government and public health. i can hardly believe it. how about you? >> what is he teaching? stuart: government. >> that is my question. not sure what success he has had in government, no longer mayor of new york city, ran for president, got 1.5% at one point in terms of support. stuart: teach classes on leadership, public service.

>> go to the gym in brooklyn in the morning, spent a lot of time, be late for everything, these are the things people remember. stuart: harvard, supposedly the best university. >> imagine if my child got into harvard to take lessons from bill deblasio. stuart: would you pay that? $54,000 a year tuition. >> talk about free tuition. they've been working towards a free tuition program, there and down what is so enormous no one needs to do that. stuart: i hope you lead your new show. >> with the bill deblasio breaking news, a lot of stuff happening, we will see. glad i came. stuart: martha mccallum. back to the market.

it is not a powerful rally by any means. it is a minuscule rally, dow is up 40, nasdaq up 56 and mark tepper joins me this warning. i see the meme stocks basically stalled out. i'm looking at cryptos, stalled out as well. 's backs not doing very well. >> ipos as well. those are the most speculative corners of the market and when they start to stall out it lets you know the market, you've got a shift in investor sentiment toward risk off at that is what we are seeking because fundamentals matter eventually. except for the meme stocks, they are stalling out but you look at bed, bath, and beyond, doing well, up 14%. we went got some financial backing. >> their vendors actually stop shipping stuff to them so they need an emergency loan so they have goods they can sell people.

it is not a good business model. stuart: not a hell of a lot here. >> the market has been pricing in a soft landing which means no recession and it is pricing in a pivot next year. that pivot was 50 basis points, now it is down 25 basis points, the terminal fed funds rate is going higher. the market is trying to digest they are not letting off the brakes, to stall this economy so they can crush inflation. blue on the market does not do well. >> xi wades -- side wades it does not do well. stuart: let's get on with this. we've got to get -- put him back, what is your opinion of student loan cancellation? >> i 100% disagree. the dems are all about pay your

fair share when it comes to taxes, pay your fair share when it comes to college education as well. this will rub people the wrong way. it will rub people like me who had student loans and paid them off, it is going to rub the plumber, the pipefitter, the people who decided to forgo college and go into the trades, it will rub them the wrong way. i gotta resume from a kid who graduated last year, to get through school he worked at pizza hut, chicken finger place, a factory, a golf course, that is a kid whose high character with good work ethic who paid his way through college, why does he have to pay for someone else. stuart: are you going to hire him? >> i might. good work ethic asian sort supply. if you can find someone like that. >> is this a vote buying? i'm not sure it is. who's vote are you buying? people on the left, younger people want everything or at

least $50,000 so they are going to be annoyed by this. stuart: is an attempt to buy votes but i don't think it will be successful. lauren, looking at this, i want to know about nordstrom. >> and affluent shopper but not insulated by inflation so they cut therefore your outlook just three months after they raised it. things turns to our really fast. nordstrom has their flagship, there nordstrom brand, sales up 14%, and discount chain up 6% so that lower income affluent shopper getting hit hard. stuart: they changed their forecast in a short period of time. how about urban outfitters, they too, another retailer, up a fraction. lauren: they had been lower, they had a bad quarter and selling dressier clothing,

return to normal, we are charging so much more, if you look at growth margins they fell 13 percentage points. stuart: i do not like tattoos and i don't want my children to have tattoos. lauren: you don't like plant-based food so i picked this just for you. stuart: you are aiming at me with this selection. lauren: it is up 13%. that is a mover and they have expanded, distribution agreement with walmart. where do people -- walmart. it is cheaper. frozen food is cheaper than fresh food so tattoo chef expanding a deal with walmart, good for investors. stuart: what does that have to do with plant-based food? >> plant-based food. stuart: now this interesting story. and vaccinated navy sailors say they are being forced to live in deplorable conditions as they wait for a religious examination on the vax mandate.

the restaurant business booming in florida, people are dining out more than they did before the pandemic. that's a comeback. new york congressman jerry nadler won is primary against carolyn maloney after three decades on capitol hill, her political career is over. bill hemmer on it next. ♪ with models that fit any lifestyle. and innovative ways to make your e-tron your own. through elegant design and progressive technology. all the exhilaration, none of the compromise. the audi e-tron family. progress that moves you.

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stuart: a 90s sitcom stars getting into politics. >> if i win and you vote for me

i would say to each and every one of you, hey, thanks. stuart: boy meets world star ben savage running for speed counseling west hollywood. savage this, quote, people have become disappointed with the direction the city is heading in. it is unclear which political party belongs to but he is anti-crime, maybe conservative. voters in florida and new york held primary elections tuesday, the last major primary of the midterm here. bill hemmer, the man himself, take me through the winners and losers. >> we don't pay for that. stuart: to pay for your board. >> the story of the moment and the story you will hear a lot about will be this. since the dobbs decision there

have been four special elections, not a primary race but where you have a democrat facing a republican for a seat that matters. there have been four of the. in each of these races, democrats haven't won, they won last night. the percentage of biden voters, percentage of democrat voters was higher than biden workers on a percentage basis than it was in 2020. it means they are energized. stuart: does the abortion issue -- >> if you want to say it is the dobbs decision on abortion you can make that argument and democrats will. but i think at the moment it is too soon to say a fat a lasting impression, whether inflation comes up, see what is happening, looks like it as germany is in a recession, looks like it if that is the case you are to for 2 on two of the biggest economies, the entire continent is there. do we get dragged into that? 11 weeks before the midterms.

it could come back as one of these leading items. stuart: what about the sarasota school district which did have a liberal school board which was completely replaced last night by three conservatives? >> the story in florida, it is moving to a place where a state like arizona had been for a number of years. i think florida continues to move more to the right column. it is an extraordinary story, the santos looks good for reelection, marco rubio in a similar position in the senate seat and you are going to see because of some redistricting in florida even stronger presence of republicans in congress in florida after november. stuart: carolyn maloney beaten badly by jerrold nadler and she blame sexism. what do you think of that? >> this was nasty. a lot of us live in manhattan. what was extraordinary about

this matchup, they redrew the lines in new york, and sent them to a special -- here is where the districts will be. maloney and nadler went into congress the same year, 1992 to january of 93. 30 years each. 1993. 30 years each. he ruled the upper west side, and new districts put together, they both competed for the same term, handling it to to one. stuart: i want to digress for a second because you spoke to members of the air force took the final flight out of kabul during the botched afghan withdrawal. listen to this. >> it was a young couple and three kids. all of them tired and exhausted. i could see as soon as they got on i could see the relief come over them.

stuart: was that the pilot of the last flight? >> colonel alex, u.s. air force, he helped plan the evacuation at the airport in couple. and extraordinary -- americans should be proud. his 20 years of service. got out of the air force after 9/11 and his ultimate mission was getting the us military out of afghanistan. given a job that was nearly impossible, but because of their experience, pulled off. at an airbase north of charleston, south carolina. their memories, of their 15 day period of chaos in afghanistan. is as vivid all as a year ago. if you tried to pin them to the wall about their entire military career they take a ton

of pride in what they accomplished. stuart: i've got 30 seconds to spare. what do you think of the fallen mayor of new york city, bill deblasio in harvard as a teacher at harvard school of government? you've got 10 seconds. >> you want to give me a sabbatical, i will come back and give you are report. he dribbled the news out today after the election he dropped out of. stuart: are you not appalled at this? >> no, never went to harvard, was never invited. stuart: the worst mayor of new york city in history. >> sometimes that doesn't matter. we learned that. i told you you sent me to cambridge. stuart: we watch you today on fox news. has restaurants in deep blue as in democrat cities struggle to

recover from lockdowns, businesses in red states of florida and texas absolutely booming. you are in saint augustine. how much more business are they seeing this year compared to last year. >> reporter: doesn't take a harvard professor to find out why. low taxes, business friendly environment, great weather, florida has been booming even during the pandemic, northeastern states, out west in california they continued to struggle. before we move on this is what numbers show for the blue cities from july of 2,019, paris pandemic pre-pandemic, to july of this year, this is what the number of diners show for these cities, 85. 9%, seattle down 40%, philadelphia down 39%, new york city off by 37%. in florida businesses, 30% plus in that same time.

i am at a restaurant that has been open a little over six months and i want to bring in the executive chef, derek haggerty, thanks for talking to us today. you are not open for another 40 minutes, that explains -- how has business been? >> this has been excellent. we are extremely busy unfortunate with the state and local community. >> reporter: wise florida doing that? >> i want to say it's my food but strong leadership from our owners, ceos, business leaders, state, and federal guidance. >> this is typically the slow period but i've been by this restaurant a couple times. >> we are consistently on a way to get in. the restaurant as a whole, we are doing very well, very blessed. >> reporter: have enough workers? >> we do. we have people applying almost daily to get positions, we

can't hire them. >> reporter: thank you very much, day and night. let me leave you with one other stat about the overall tax burden rankings. number one tax burden state in the country, no surprise, new york city, 12.75%, florida comes in at 46, 6.64%. put those things together, it is no surprise why florida is booming. stuart: surprised you are in florida. we understand these things. back to you later. brace for another bumpy travel day, i thousand flights have been delayed and it is not even noon. today is independence day in ukraine and also marks 6 months since the russian invasion. the war has reached a stalemate situation, general jack keane brings the state of play next.

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stuart: that sounds like start me up from the rolling stones. >> office costello. stuart: i like them both. i will take them. fox square outside are studios in new york city, 83 ° and sunny. the markets, let's see what is happening, the dow, nice gain, up 130 points, the nasdaq up 100 too. i will call this the modest rally. you are with me. i met kathy would is dumping nvidia ahead of earnings after the bell, doubling down on zoom, this is after the video conferencing company erased all its pandemic gains sitting where it was in 2020 before covid and she is selling $50 million of nvidia ahead of earnings so already preannouncing, expecting slower sales growth. it is easier to beat.

stuart: she is buying, kathy would, ark investments, buying a lot. susan: it is cheap to her so she's not buying more. stuart: tesla is back at $900. susan: the twitter was a blower complaint might be easing pressure on musk and tesla stock price which according to wedbush, $100 overhang, the uncertainty of whether elon musk sells more shares or put up more tesla stock as collateral and $44 billion bid and goldman sachs hedge funds, with growth stocks like tesla so they are willing to spend again. stuart: do we have a tech stock rally? high-growth tech stocks.

stuart: looking at rally mode today, disappointing economic reports like durable goods this morning might mean the fed will only hike rates by 50 basis points instead of 75 and as we head into year end, september is traditionally the weakest month of the year and at the end of the year you find yourself with more money and you see a santa claus rally. stuart: fed watching is endless, isn't it? a cottage industry. susan: you move trillions of dollars in one move you've got to watch for it. stuart: i can see the point. thank you. today marks six months since russia began the war ukraine. seems like a stalemate at the moment. general jack keane is with me now. where to from here? >> reporter: don't think we are at the stalemate stage yet but there've been 3 distinct phases. the first was when russia tried

to tackle the capital city of kyiv and take down the government as well and that failed miserably. the ukrainians were able to prevent that from happening, they had the momentum. phase 2, the russians reset completely, abandoned the aerial campaign and focused on ground attacks on the eastern portion of the donbs region. we thought they would do that from the beginning as opposed to the capital city and because they narrowed the focus so much they were able to achieve some success and take that eastern republican then turned to the rest of the region and because the casualties were so high they've not been able to regain their operational momentum in the sense the russian offense

has stalled and what has taken place is a different phase because the momentum has shifted to the ukrainians and the reason is russia cannot generate forward movement but the ukrainians are trying to isolate the city itself have cut all the bridges, squeezing the russians in terms of their resupply and most of us surprise has been conducting some long-range attacks in crimea where major supply bases the russians use to supply the southern and eastern region. momentum has shifted to the ukrainians. they are not going total with the russians which many expected them to do. they are concerned about casualties so they are squeezing them in terms of resupply and conducting much

smaller attacks which means this counteroffensive could take a lot longer and we are not sure if it will succeed or not but momentum has shifted to the ukrainians and hopefully they will be successful. what the ukrainians are concerned about, if they are not successful, they think the support they have enjoyed from the europeans and the united states will begin to dry up. stuart: real fast on this. former israeli prime minister net and yahoo is warning - --netanyahu is warning about the iran deal. >> other countries will warn about a nuclear powder keg. this is the height of folly. this should not be done. stuart: what do you think would happen if we revive the nuclear deal? >> absolute become a windfall of hundreds of billions of dollars that the uranus will

use to encroach on israel, to do the same with their proxies, the houthis in yemen, proxies in syria, undermine air act, we've seen this before, that is what they did after the 2015 windfall they received and building ballistic missiles to deliver a nuclear weapon. makes no sense. madness as the former prime minister describes it, and accurate term to use and if this happens we are on a pathway to a nuclear arms race in the middle east which is an international calamity. stuart: thank you for joining us. see you again soon. related issue. navy sailors waiting for a religious exemption decision speaking out about their living conditions. they are not happy. >> separate from the military and sharing images of dirty

showers, flooding conditions in areas where they live. they are and vaccinated and the navy has rented 0 religious exemptions to be unvaccinated. stuart: have they applied? >> 4200 have applied. now what happens, the lawsuit against the blizzard, you are stuck in limo so they separated you from everybody else. living in these deplorable conditions, some of them, some say they can't travel outside airbases, and wanted to be there for the birth of my child. stuart: all about the vaccination mandate. and it just seems asinine. stuart: forced to wait for your relatives because you won't get a vaccine that doesn't work. listen to this one. megan markel takes a swipe at the royal family again.

>> i don't remember feeling the negative connotation behind the word ambitious until i started dating my husband. stuart: i wonder what the brits now think about megan and prince harry. i ask nigel farage, 30 years since hurricane andrew devastated south florida. my next guest spent 27 hours on tv covering the storm which he describes as a 20 mile wide tornado. hurricane specialist brian norcross saved lives, he is next. ♪ ♪ my relationship with my credit cards wasn't good.

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stuart: i'm not going to make a comment on the moment. take on me - now i -- i got it. that right there is general mitchell international airport in wisconsin. express airlines, filed for chapter 11 bankruptcy. see single flight operations effective immediately, lay growth challenges, problems with revenue and high fuel prices. now look at this. 19,000 flights have been delayed since sunday. nearly 3000 canceled. tepper, you've had some nasty experiences. anything more recently? >> i don't want to jinx myself but it is a common occurrence. we talked a month ago about the action plan for mitigating these cancellations. we've got to go nonstop. the third one i don't remember, not doing it. stuart: checked bags.

>> i've been a little better but when i landed at newark airport, 10:30 in the morning, i did see people sleeping on cots. first time i've ever seen that. i was blown away by it. wasn't expecting that. what is going on? i saw that yesterday. mayor pete is critical of the airlines when in reality, you need more pilots, to incentivize high school grads and go to flight school. stuart: why do they have to retire at age 65? the president of the united states and 75 you can fly a commercial airliner at 66. the producers are telling me to move on. it is august and i don't think we have mentioned or named one hurricane yet this year. brian norcross is a fox whether

hurricane specialist. this year, very unusual, there have been no named hurricanes. >> kind of weird it has gone this long the we haven't had more activity in the tropics but next week, the week after, long-range models indicate hurricane season should constitute itself. stuart: kick in, constitute itself. 30 years ago during hurricane andrew which itself florida, devastation as i recall, you were on the air at that time giving advice and you created this special the wrath of hurricane andrew, tragedy and triumph. here is a clip. roll tape. >> you could walk around and look at things, got scared because we saw what could have happened and you realize how close you came. stuart: you spent 23 hours nonstop on the air during andrew.

>> there was no place to go. i said i will be here and we will go through this together and that is what we did. bill and sandy were speaking there under that pile of debris, smartest thing i said in my life is here's what i want you to do, put microsoft to bed and get your family under their and thousands of people did it. stuart: you are a hero in florida. >> to hear the story, and one they had the same experience. stuart: where and how and when? >> tonight 10:00 eastern time on fox weather, you can download the fox weather apps, on amazon fire or other streaming devices, your favorite streaming devices. stuart: i can watch it on the air. >> tap on the upper right.

stuart: that is great stuff. great to have you on the show. show me the dow 30 is what we are saying, gives a sense of the market and a lot of green, 2 thirds are in the green and the dow itself is up a point. one hundred 60 one points higher. inflation in britain could hit 19% next year. that's the warning from economists at city. nigel farage joins me from london next. ♪ ♪ past extraordinary landscapes into the heart of iconic cities is a journey for the curious traveler,

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stuart: citibank expect inflation could britain could hit 18% in britain. the economy is stagnating, labor shortage to work through, disrupting work of all kinds. nigel farage is with us, we are

at 10% inflation in britain, navy 18%. how are brits handling this? >> stagnating and the pound falling consistently on the foreign exchanges. it is down to one word, one word, energy, energy. despite the fact that we've got gas, coal, and oil reserves to last the next couple centuries we decided not to exploit them in the name of going green so we importing huge quantities and paying top dollar. there is even the prospect here that in february if we get a big anti-cyclone high pressure weather system sitting over the uk, literally the lights could go out in our country. we've done this to ourselves the same the germans have done though they are more dependent

on russia, and rapidly rising price of natural gas. and i could tell you, if gas prices stay where they are, there will be hundreds of thousands, perhaps even millions of businesses the will go bust without support and that suggests to me we are not just in a recession, this could be a depression. stuart: who is getting the political blame for this? >> nobody in particular. the entirety of the uk political class have been completely signed up to greta thu thunberg's agenda, you export manufacturing jobs and import energy, and labor and the conservatives have been completely agreed on this leaving a public very bewildered to.

it is quite interesting. i have been pushing journalistically that we should be energy independent, very much what trump did to the usa and it brings together the left and right of politics in a way i haven't seen since the brexit debate to ringold labor and conservatives together and somebody needs to get smart. boris johnson was the high priest of net 0, wind turbines, saudi arabia of wind, coal is finished forever, boris johnson -- since he said that, a new prime minister taking over on the fifth of september, likely on 5 september, likely to believe lose trust and we will find out quickly what she's made of. stuart: megan markel debuted her new podcast, she claims she didn't know the word ambitious was negative until after she started dating prince harry. you've got to watch this.

>> the misconception that an ambitious woman had an agenda must be calculate whether you are selfish or aggressive laura clymer. stuart: sum it up for me, what do the brits now feel about megan and harry? >> the family is about service, not about personal ambition are making the money off the back of having a title. it is about service to this country and over 50 countries and she clearly from day one wanted to use this to advance her own career and off the back of it make millions of pounds and right now i have to tell you when they came for the queen's magnificent platinum jubilee, she's here, she is busy selling herself. i have to say their popularity in britain is rock-bottom and i would say to americans please

do not believe a single word of what this woman says. everything on that oprah winfrey interview. stuart: fiery stuff, thanks a lot. got to get this into wednesday trivia question, which city has the most bridges, pittsburgh, chicago, new york, answer after this. when i first brought her home, she was eating little brown pieces in a bag and it was just what kind of came recommended. i just always thought, “dog food is dog food” i didn't really piece together that dogs eat food. as soon as we brought the farmer's dog in, her skin was better, she was more active, high-quality poops. if i can invest in her health and be proactive, . .

hi, my name's steve. i lost 138 pounds on golo and i kept it off. so with other diets, you just feel like you're muscling your way through it. the reason why i like golo is plain and simple, it was easy. i didn't have to grit my teeth and do a diet.

golo's a lifestyle change and you make the change and it stays off. golo's changed my life in so many ways. i sleep better, i eat better. took my shirt off for the first time in 25 years. it's golo. it's all golo. it's smarter, it's better, it will change your life forever. stuart: all right. which u.s. city has the most bridges? on your screen now, new york,

seattle, pittsburgh, chicago your guest is? >> as browns fan i say pittsburgh. stuart: three rivers come together in pittsburgh. there are 466 bridges. >> wow. >> more than i expected. >> that's a lot. stuart: how big are they. time's up for me and for you, mark. great to have you on the show. good stuff, neil, i'm out of time it is now yours. we're whiting for from the president of the where joe biden will announce relief on the way, $25,000 or less in income, loans have to be repaid, lopping off $10,000 worth of that loan and see what they do? it is expected to be very positive for him and maybe democrats in general in the midterms, even though that is debatable because there are a lot of people not getting this who might be ticked off. let's get the latest from jacqui